The Monastery was established at the end of the 18th century by three Mount Athos monks - Averkio, Gervasio and Serapiona - in the pre-existing chruch of the Virgin (Panaghia). The Monastery is located in the village Armolia, where the church of the Virgin Mary had been previously constructed.
With the time, the Monastery became an important spiritual center of the southern villages. During the Massacre of Chios (1822), the Monastery was destroyed and got renovated in 1828. Today, there is only one monk living in the Monastery.